New rise in oil prices – Slightly declining gas

LAST UPDATE: 12.44

Oil prices are rising as Ukrainian forces resist Russian attacks, while major oil producers have said they are finding it difficult to produce the quotas they have been given under a supply deal.

Its prices brent strengthened 4.03% to $ 112.28 a barrel, after rising 1.2% last Friday.

The American West Texas Intermediate is up 4.33% at $ 107.53 a barrel, while on Friday it was up 1.7%.

Prices moved higher as the Deputy Prime Minister of Ukraine, Iryna Verschuk said that there is no possibility of the country’s forces surrendering to the besieged Mariupol.

With little sign of easing the conflict, the focus is on whether the market will be able to replace the Russian oil barrels hit by the sanctions.

“The market continues to worry about supply problems, with data suggesting they are already having an impact,” said ANZ analysts.

The latest OPEC + report showed that some producers still do not meet the agreed quotas for the supply of oil.

The two OPEC countries that have the capacity to increase production immediately, Saudi Arabia and the United Arab Emirates, have so far resisted calls from major countries to increase production faster to help lower oil prices. .

In 20 days low gas in Europe

The price of gas in Europe, moreover, fell on Monday morning to a 20-day low, specifically from March 1, in a combination of continued supply from Russia and forecasts for milder weather in the coming period.

The Dutch gas contract, a benchmark on the European continent, was falling at 12.20pm. Greek time against 2.9%στα 102.04 euros per megawatt hour. Earlier, it fell to 7.8%, to 96.85 euros.

The corresponding British contract was falling earlier by up to 8.5%, while now its fall has moderated to 2.4%.

The price of electricity in Germany for the next month fell earlier by up to 6.3%.

Gas flows through Ukraine remain stable and Russia’s state-owned Gazprom says there are no problems with the transit of quantities it sends to Europe.